Is raising minimum wage nationwide a horrible idea?

[Puppyroach]

phaedruss said:

Puppyroach said:
Isn't it true that the minimum wage hasn't grown proportional to the economys growth during the last 50 years or so? If it had followed the general growth of the economy, the effect wouldn't be visible. This is a way to raise it and then maybe locking it to GDP. In Sweden we don't have minimum wage, but something called collective wage agreements between unions and representatives of the business sector. Every country has different methods I suppose.

I hadn't heard of that, but that sounds like somewhat of a better system, though certainly not perfect. It seems like it could be closer to approximating what the market might land on as the appropriate wage at any given time. Certainly, it's not dynamic enough to completely arrive at a market wage, but it's something.

Yeah, it is by no means perfect, but the good thing is that it creates a closer relationship between unions and businesses and is selfadjusting in alot of ways.